Corporation Tax Act 2009 section 34

Adjustment on change of basis

Section 34 establishes when the rules in Chapter 14 of Part 3 (which govern adjustments on a change of accounting basis) first apply.

• Chapter 14 of Part 3 contains rules about adjustments needed when a business changes its accounting basis.
• These rules only apply where the new basis is first adopted in a period of account whose first day falls within an accounting period ending after 31 March 2009.
• Changes of basis occurring in accounting periods ending on or before 31 March 2009 are not caught by these provisions.
• In practice, this means the Chapter 14 rules take effect from accounting periods straddling or beginning after 1 April 2009.